The U.S. government may want to pause before celebrating today’s conviction of two former Rabobank traders for rigging interest rates. There could still be a wrinkle in this case that began across the pond. Defense lawyers argued early on that the testimony of the star witness was tainted and should be thrown out. Pointing to the reversal of Oliver North’s convictions in the Iran-Contra affair because of unreliable witness testimony, they have pressed Judge Jed Rakoff to toss out the entire case. Now that a New York jury has found the two men guilty, Rakoff will schedule a hearing on the testimony issue. If the judge agrees -- though U.S. prosecutors dispute the reasoning -- the Rabobank...
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